Solvay announces today that SolVin and Arkema have decided to each buy back the minority cross-holdings in the vinyls production joint ventures that are operated by them. The companies in question are VinylFos, in which SolVin has a stake of 21%, VinylBerre (35%) and Vinilis (65%). These decisions will become effective as from July 1st, 2010.
Vinilis, based in Martorell, Spain, and operated by SolVin has a yearly capacity of 270,000 tonnes of PVC. After untying of the joint ventures, SolVin will become the sole shareholder of Vinilis and Arkema the sole shareholder of VinylFos and VinylBerre in France.
After many years of productive cooperation, these operations will return the independence on their respective historic suites to both partners. This way they will be able to deploy autonomously their strategic industrial plans. These operations have no social impact and their consequences on Solvay Group’s cash flow and results are not material.
“This operation will enable SolVin to simplify its industrial structure in this part of the European Union”, explains Enzo Morici, General Manager of Solvay’s Business Unit Vinyls. “SolVin always reacts very fast to market changes and customer requests. It will be even more able to do so after this operation”, adds SolVin Managing Director Pierre Tucoulat.
SolVin is a joint venture of Solvay (75%) and BASF (25%). It is a leader on the Vinyls (PVC) market in Europe and on the PVDC market worldwide. Further information is available on www.solvinpvc.com.
A global chemical company, Arkema consists of three businesses: Vinyl Products, Industrial Chemicals, and Performance Products. Arkema reported sales of EUR 4.4 billion in 2009. Arkema has 13,800 employees in over 40 countries and seven research centers located in France, the United States and Japan. With internationally recognized brands, Arkema holds leadership positions in its principal markets.
SOLVAY is an international industrial Group active in Chemistry. It offers a broad range of products and solutions that contribute to improving quality of life. The Group is headquartered in Brussels and employs about 19,000 people in 50 countries. In 2009, its consolidated sales amounted to EUR 8.5 billion. Solvay is listed on the NYSE Euronext stock exchange in Brussels (NYSE Euronext: SOLB.BE - Bloomberg: SOLB.BB - Reuters: SOLBt.BR). Details are available at www.solvay.com.
For further information please contact:
